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Missing $20 bn: Again, NNPC fails to refund $1.48 bn

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For the umpteenth time, the Nigerian National Petroleum Corporation, NNPC, on Tuesday failed to refund to the Federation Account $1.48 billion balance of an alleged missing $20 billion oil money.

An audit ordered by the Goodluck Jonathan administration recommended that $1.48 billion be paid by NNPC to the government.

The review followed an allegation by a former governor of the Central Bank of Nigeria, Lamido Sanusi, who accused the NNPC of failing to account for $20 billion oil money.

Since the submission of the audit report February, Nigeria’s 36 state governments have been clamouring for the money to be quickly paid by the NNPC and shared between the federal and state governments.

But the oil company has failed to pay the comply during past revenue sharing meetings between the states and the federal government.

On Tuesday, the Permanent Secretary, Federal Ministry of Finance, Anastasia Daniel-Nwokobia, said at the end of the Federation Accounts Allocation Committee (FAAC) meeting for May, that no explanation was given by the corporation for its inability to remit the money as recommended.

“The issue of the refund of the $1.48 bn recommended in the forensic audit report was not discussed, and so no refund was made, apart from the N6.33 bn refunded as part of the N450 bn oil revenue it owed the Federal Government since 2011,” Mrs. Daniel-Nwokobia said.

At the end of the meeting, the Permanent Secretary said gross revenue receipt for the month was about N324.06 bn, which was higher than the N282.062 bn received in May by about N41.999 bn. Total distributable revenues between the Federal and the 36 state governments put about N409.5 bn.

Details of the allocation released at the end of the meeting showed that mineral revenue was N225.167 bn, while non-mineral revenue was N98.89 bn.

Net statutory allocation, she said, stood at N317.236 bn, which included N2.403 bn as 4% cost of collection by the Federal Inland Revenue Service (FIRS), N2.88 bn as 7% cost of collection for the Nigeria Customs Service (NCS) and N1.54 bn as 4% cost of collection by the Department of Petroleum Resources (DPR).

The Federal Government received about N151.805 bn, while the states received N76.98 bn and Local Governments N59.36 bn. The nine oil mineral producing states were allocated N29.7 bn.

There was also exchange gain of N31.24 bn proposed for distribution, while value added tax realised for the month was N418.452 bn.

According to the Permanent Secretary, delays in the issuance of the third quarter 2015 Export Permit lead to a drop of about 160,000 barrels of oil per day in April, apart from several shutdowns and shut-ins of the trunk and pipelines at oil terminals, which continued to negatively impact crude oil revenue.

However, she said an increase in the average price of crude oil from $56.04 per barrel in March 2015 to $59.88 per barrel in April brought $19.7 mn revenue gain for the month, while non-oil revenues are expected to perform better in the later art of the year due to some mechanisms put in place by the FIRS.

On the balance of the excess crude account (ECA), she said the amount stood at $2.078 bn.

On why the FAAC was shifted from the earlier schedule of June 15 and 16, Mrs. Daniel-Nwokobia said since the governments at all levels have in the country have been in transition after the May 29 handover to a new administration, there was need to wait.

“Most of the states are yet to appoint their commissioners and reconstitute their executive councils. The FAAC secretariat had to liaise with the states to know who would be representing them at the meeting

Again a few days to the FAAC meeting, the Accountant General of the Federation retired on June 12, necessitating clearance to be sought on who should take the office, in view of the critical role it has to play in the meeting,” she said

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Elite 18 global golfers honours Aare Adetola Emmanuelking with Nigeria’s first ever Noble Golfer award

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Elite 18 global golfers honours Aare Adetola Emmanuelking with Nigeria’s first ever Noble Golfer award

In a landmark celebration of sportsmanship, leadership, and vision, Aare Adetola Emmanuelking, the esteemed Chairman and Chief Executive Officer of Adron Homes and Properties, has been honored with Nigeria’s inaugural Noble Golfer Award. This prestigious accolade was conferred upon him by the renowned Elite 18 Global Golfers during a high-profile event that brought together key figures from the sports, real estate, and business sectors.

The Noble Golfer Award recognizes individuals who have shown steadfast dedication to advancing the game of golf and promoting sports culture in their communities. Aare Emmanuelking’s nomination exemplifies his exceptional commitment to enriching the golfing landscape in Nigeria, alongside his broader initiatives aimed at fostering sports development across the nation.

Aare Emmanuelking is not merely a business leader; he is a pioneer in integrating golf into modern lifestyle experiences. Currently, he is leading the ambitious development of a state-of-the-art golf course in Nigeria a monumental project that aspires to redefine leisure, tourism, and sporting excellence within the country. This golf course aims to provide a premier playing experience while also serving as a social hub for golfing enthusiasts and the community at large.

In a bid to make golf more inclusive and accessible, Aare Emmanuelking has also initiated the construction of advanced golf driving ranges in all Adron Homes Estates across Nigeria. This visionary project is designed to encourage participation in the sport among Nigerians of all ages and backgrounds, fostering wellness, recreation, and community engagement as integral parts of Adron’s residential developments.

At the award presentation, Aare Emmanuelking conveyed his heartfelt gratitude for the recognition, emphasizing his belief in the transformative power of sports as a vehicle for national development and youth empowerment. He remarked, “Golf is not just a game; it exemplifies discipline, a distinct lifestyle, and a pursuit of excellence. Through Adron Homes, we are not merely constructing houses—we are nurturing communities built on the foundations of wellness, unity, and opportunity.”

The Elite 18 Global Golfers commended Aare Emmanuelking’s innovative approach, highlighting how he effectively merges real estate advancements with world-class sports infrastructure. They acknowledged that his efforts have the potential to inspire a new generation of golfers and to position Nigeria as a premier destination for international golfing events.

As Aare Adetola Emmanuelking continues to break new ground in both the real estate and sports development arenas, receiving this award serves as a testament to his lasting influence—not only in the realms of business but also in cultivating a legacy of excellence, one fairway at a time. His contributions are poised to create lasting change, inspiring future generations and fostering a vibrant culture of sport and community in Nigeria.

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WHO IS AFRAID OF FIDELITY BANK -By Udeme Etukeyen

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WHO IS AFRAID OF FIDELITY BANK -By Udeme Etukeyen

Leading up to the recent superlative annual reports showcasing one of the most significant growth experienced by a Nigeria Financial Institution in recent years I was forced to ask “what is Fidelity Bank” doing right?

My banking and financial sector experience got me digging deeper into the statistics of the report-Fidelity Bank recorded a substantial 210.0% growth in PBT, reaching N385.2 billion in FY 2024. Deposits increased by 47.9%, from N4.0 trillion in 2023FY to N5.9 trillion in 2024FY, Gross earnings shooting by 87.7% to N1,043.4 billion which was primarily caused by a 106.9% increase in interest and similar income. Was I impressed? Absolutely

Now to the scary part, they opened the year with a bang implying that 2025 year end results was going to be nothing but spectacular; check this out-Fidelity reported a whooping 167.8% increase in PBT (Profit Before Tax)to N105.8 billion in Q1 2025, compared to N39.5 billion in Q1 2024. Gross earnings from January to April had reached some N315.421 billion signaling a 64.21% increase year-on-year.

These results were nothing short of astonishing and with great hope I sat my team to review our Investment Strategy to accommodate taking up equities in Fidelity and advising our portfolio investors to do same.

We quickly appraised the fundamentals and Key Success Factors to include their focus on the strategic youth economy that the Creative and Digital Transformation sector promises, the banks bullish inroads in MSME promotion and financing, their glowing penchant for Gender inclusion without abandoning the core sectors of Mining, Renewables and other key industries

Then came the dissecting of Leadership, my team of analysts mostly female went on about Fidelity MD being one of the most experienced and affable Amazons in the industry; done this, achieved that and all the entreaties you’d expect from smart ladies who feel mentored from a distance. I didn’t hesitate to draw their attention to the experience of the menfolk within the organization like I had any measurable data to establish that mix…truth remains you can’t but admire the Banks Leadership and strides

A deeper look at the banks expansion globally could reveal a strategic and noiseless acquisition of Union Bank,London and their planned incursion into African and other European financial markets, you just can see that such daring strides and impact would give competition and detractors sleepless nights. Not in an era where sleeping pills are sold strictly by prescription and no thanks to the high cost of medication for peddlers of cheap propaganda

Within barely 30days of announcing such magnificent results little wonder how pundits would cook or spin a narrative to suggest a bank that has announced herself as First Tier with shoulders leveled up with other Banking giants would shudder over a judgement against her customer G.Cappa or even the contribution they would be required to cough out over that said Sagecom saga. With that judgement not going the way of pundits a contemptuous attempt at calculating interest at unclassified rates from an initial N14b to cause an unnecessary scare or negative press on the bank speaks volumes of how we unrepentantly strive to destroy value in our economy.

One would think that interpretation of the judgment and computation of due figures which will understandably come with a payment plan be awaited instead of the usual bad blood generated and envisaged by toddler media characters.

It is not in doubt that the discerning public sees through the cruise and flat falling attempt of dramatic clout chasers ever ready to stain Fidelity’s white apparel which savvy Investors and analysts are filled with bridal admiration

Like Joseph Campbell hinted in his famous quote “The cave you fear to enter holds the treasure you seek.” We cast our treasures and bets on Fidelity Bank as the Nigerian treasure house to beat in the years ahead!

*Udeme Etukeyen is an Abuja based Pan African Investment Advisory Expert*

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Jemras Homes Unveils Treasure Mall in Lekki with a Star-Studded Grand Opening Ceremony

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Jemras Homes Unveils Treasure Mall in Lekki with a Star-Studded Grand Opening Ceremony

Jemras Homes, one of Lagos’ fastest-growing real estate firms, held a vibrant and star-studded grand opening of its debut commercial property, Treasure Mall, on Thursday, May 15, 2025, at Abijo GRA, Lekki-Ajah.

The colourful ceremony brought together top political figures, industry leaders, celebrities, and business stakeholders to celebrate the launch of this landmark development.

The event was graced by notable personalities, including Hon. Moshood Aro, member of the Lagos State House of Assembly; Hon. Fatiu Salisu, the immediate past Chairman of Ijede LCDA; and veteran actor and brand ambassador of Jemras Homes, Alhaji Taiwo Hassan, popularly known as Ogogo.

While addressing the press, Ogogo shared his deep connection with the brand “My relationship with Jemras Homes goes beyond mere brand representation — it’s a partnership rooted in trust, shared values, and a commitment to excellence. I believe in what the company stands for and the vision it’s bringing to life in the Nigerian real estate space.”

The Founder of Jemras Homes, Mr. Tayo Razaq, also delivered a heartfelt speech during the event, describing the company’s mission and the long-term value Treasure Mall offers “Treasure Mall is more than a building — it is a statement of our dedication to quality, innovation, and strategic investment. We are creating not just spaces, but opportunities that empower businesses and elevate communities.”

The grand opening was a lively affair, complete with music, entertainment, and testimonials from satisfied clients and partners who praised the transparency, quality, and professionalism of Jemras Homes. The atmosphere reflected the company’s growing reputation for delivering smart and stylish real estate developments.

Treasure Mall is a 1,350-square-meter, three-floor commercial complex offering business spaces ranging from 25 to 110 square meters. Located in the heart of Lekki’s flourishing Abijo GRA, it features ample parking, 24/7 security, and cutting-edge infrastructure — ideal for retail outlets, cafés, restaurants, and office spaces.

Strategically positioned near landmarks such as Lagos Business School, Novare Mall, and over 15 private estates, Treasure Mall also shares a boundary with the soon-to-be-completed Treasure 2 Residence — adding significant residential appeal to the area.

With this successful launch, Jemras Homes has not only unveiled a premium commercial destination but also reinforced its position as a visionary leader in Nigeria’s real estate sector.
[5/16, 8:41 AM] Peace: Pix

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